Category: Business - Original Written by Amber Bogins
Robert L. Johnson, founder and chairman of The RLJ Companies and Dr. DeForest B. Soaries, Jr., senior pastor of the First Baptist Church of Lincoln Gardens in Somerset, New Jersey, announced their alliance to reshape the national financial lending climate and help Americans, particularly minorities, pay down consumer debt, increase household savings, and overcome a cycle of short term and emergency borrowing caused by the excessive use of payday lending.
Nearly twelve million Americans turn to payday loans annually when faced with financial challenges in order to cover emergency expenses and meet cash shortfalls. Forty-one percent of borrowers have needed a cash infusion to pay off a payday loan and many ultimately turn to the same options they could have used instead of payday loans to finally pay off the loan. As a result and because of current high interest lending rates, many borrowers are unable to pay back loans in a timely manner and find themselves in a cycle of borrowing and debt. (Payday Lending in America: How Borrowers Choose and Repay Payday Loans, published February 2013).
Johnson announced earlier this year his financial awareness campaign to "end payday lending as we know it today" and has designated Dr. Soaries and his dfree® program as the financial literacy arm to change the lending climate and help minority consumers overcome recurring debt and achieve financial stability. By encouraging lending institutions to create lower interest borrowing solutions and making consumers more aware of the financial options available to them prior to going into debt, today's collaboration will offer the tools and resources consumers need in order to make better and more informed financial decisions.
Founded by Dr. Soaries in 2005, dfree® (www.mydfree.org) is an enterprise that creates solutions for individuals and organizations pursuing financial freedom and economic self-sufficiency. The dfree® strategy begins with the elimination of debt and addresses the root causes of chronic indebtedness. dfree® stands for "Debt, Delinquency and Deficit Free" and the program has reached thousands of consumers nationwide by challenging them to take control of their finances by setting debt reduction goals, paying off debt, increasing awareness and changing behavior as it relates to money and borrowing.
"Dr. Soaries and the dfree® program has been highly successful in its mission to help consumers gain financial literacy and save for their financial future," said Johnson. "I am delighted that Pastor Soaries has agreed to work collaboratively on my campaign to bring about an end to payday lending as we know it today. He has been a national leader on educating consumers about the need to live debt free, and I believe that together we will bring about a significant change and provide valuable information on improving the lives of millions of working class Americans, particularly minority Americans," he concluded.
"I am thrilled to join Bob Johnson and his financial initiative to end payday lending and am proud to be a part of the efforts through dfree®. Our mission is to help consumers nationwide achieve debt free living, economic capacity, and to rely less on borrowing, particularly from high interest payday lending institutions. Providing individuals and families with the tools to address financial needs on a consistent basis, helps them to better manage their finances and achieve financial freedom," noted Dr. Soaries.
Last Updated on Monday, 24 June 2013 15:17
Category: Business - Original Written by Mario Williams
General Motors today appointed Gerald Johnson as North America Manufacturing Vice President, effective July 1. He will lead a team of more than 74,000 employees who work in 56 facilities including assembly, stamping, powertrain and component operations in the United States, Canada and Mexico.
“Gerald’s proven leadership, experience and passion for product quality will serve him well in this role,” said Tim Lee, GM vice president, Global Manufacturing and president, GM International Operations. “He leads by example as a mentor and strong communicator, engaging his full team to ensure we build only the best for our customers.”
Johnson’s most recent role was executive director of Global Program Quality and Launch, where he led several key quality initiatives to improve global product launches. His 33-year GM career has included many leadership positions in labor relations and manufacturing, including an overseas assignment in Zurich.
Johnson holds a bachelor’s degree in Industrial Administration from Kettering University and a master’s degree in Manufacturing Operations from the Massachusetts Institute of Technology. He succeeds Diana Tremblay, who was named vice president of GM’s new Global Business Services group.
General Motors Co. (NYSE:GM, TSX: GMM) and its partners produce vehicles in 30 countries, and the company has leadership positions in the world's largest and fastest-growing automotive markets. GM’s brands include Chevrolet and Cadillac, as well as Baojun, Buick, GMC, Holden, Isuzu, Jiefang, Opel, Vauxhall and Wuling. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at http://www.gm.com.
Last Updated on Tuesday, 18 June 2013 14:55
Category: Business - Original Written by AJ Williams, Chronicle Web Editor
If you missed this year's Michigan Chronicle's Men of Excellence, don't fret. Here are the highlights from this year’s award ceremony.
Last Updated on Friday, 14 June 2013 13:14
Category: Business - Original Written by Amber Bogins
The Regional Transit Authority (RTA) of Southeast Michigan Governing Board is seeking to hire its first Chief Executive Officer. The job posting period will be open from June 17, 2013 until July 19, 2013.
The Regional Transit Authority (the “RTA”) of Southeast Michigan was created through state legislation on December 19, 2012 (MI P.A. 387, 2012). The RTA service area is comprised of the counties of, Macomb, Oakland, Washtenaw, and Wayne. It is governed by a ten member board with two representatives from each of the participating counties, one representative from the City of Detroit, and one non-voting member appointed by the governor who serves as the chair. The purpose of the RTA is to coordinate the activities of the Ann Arbor Transportation Authority (AATA), the Detroit Department of Transportation (DDOT), the Detroit Transportation Corporation (DTC), and the Suburban Mobility Authority for Regional Transportation (SMART) and secure funding to improve and enhance public transportation within the four county area and the city of Detroit.
Last Updated on Monday, 17 June 2013 12:10
Category: Business - Original Written by Michigan Chronicle Staff
Cadillac selected a new agency called Rogue as its creative agency of record, following a review process. Cadillac expects this move to further enable its growth.
Created specifically for Cadillac, Rogue is part of the Interpublic Group of agencies drawing on the resources of three existing IPG agencies – Hill Holliday, Lowe and Campbell-Ewald. Rogue brings global capabilities, a depth of experience in integrated marketing and a strong understanding of luxury brands coupled with an automotive marketing background.
“All of the invited agencies demonstrated a high level of thinking and clearly worked very hard during the review process,” said Bob Ferguson, vice president, Global Cadillac. “We selected Rogue because its strategic insights, creative vision for Cadillac and strong luxury and automotive experience were the best match for our global growth plan.”
Rogue will be headquartered in Campbell-Ewald’s Detroit-area office, with much of the creative and strategy work located in Hill Holliday’s Boston office.
“Our open architecture model brings together outstanding IPG talent with deep knowledge of both autos and the luxury consumer – domestically and around the world,” said Michael Roth, Chairman and CEO of Interpublic Group. “Our offering will be comprised of the exceptional creative capabilities of Hill Holliday, a powerful base of operations in Detroit thanks to Campbell Ewald, and Lowe’s dynamic international network."
In addition to a new creative agency, Cadillac recently added public relations and integrated marketing communications firm FleishmanHillard to the team to provide strategic communications counsel to the brand and help reach new customers in fashion, luxury, and technology.
"Cadillac is taking a modern approach [to marketing communications] by mobilizing its agency partners in truly strategic rather than executional roles" said FleishmanHillard President & CEO Dave Senay. "Driving the new Cadillac narrative and executing communications brilliantly in the places our buyers live is our mandate, and we look forward to collaborating with our new colleagues and agency partners."
Last Updated on Thursday, 13 June 2013 17:34
Digital Daily Signup
Sign up now for the Michigan Chronicle Digital Daily newsletter!